OneSpan Inc. (OSPN) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	38.48	25.63	32.02	21.22	12.83	30.67	28.67	6.07	-13.38	1.85	4.47	-3.09	-19.3	-10.61	-26.17
Return on Assets (%)	9.1	7.84	11.63	8.78	5.6	14.46	14.97	3.29	-6.74	0.88	2.14	-1.44	-8.53	-4.26	-9.55
Return on Capital (%)	38.48	25.63	32.02	21.22	12.83	30.67	28.67	6.07	-13.38	- -	4.33	- -	- -	- -	- -
Return on Invested Capital (%)	9.32	8.68	19.01	11.19	6.41	17	18.19	3.48	-6.64	- -	2.89	- -	- -	- -	- -
Gross Margin (%)	69.97	70.36	64.32	64.64	64.41	62.34	59.45	67.94	69.59	69.33	66.21	68.64	66.64	67.84	67.08
EBITDA Margin (%)	15.72	13.75	17	16.02	12.1	21.95	23.51	10.6	8.69	5.31	10.15	3.13	-8.02	-3.08	-2.16
Operating Margin (%)	12.43	11.48	14.73	13.65	8.84	18.9	20.9	4.99	3.2	-0.44	5.6	-2.44	-12.18	-6.3	-4.92
Incremental Operating Margin (%)	49.53	-4.04	20.58	26.6	-718.57	52.43	30.99	83.14	-345.19	- -	35.85	- -	- -	- -	- -
Pretax Margin (%)	15.07	12.42	15.35	14.09	9.1	18.82	21.06	5.92	4.34	1.23	5.68	-1.59	-12.19	-5.34	-11.62
Profit Margin (%)	11.66	10.01	10.79	10.13	7.19	16.61	17.46	5.47	-11.59	1.44	3.1	-2.53	-14.26	-6.59	-12.67
Net Income to Common Margin (%)	11.66	10.01	10.79	10.13	7.19	16.61	17.46	5.47	-11.59	1.44	3.1	-2.53	-14.26	-6.59	-12.67
Effective Tax Rate (%)	22.58	19.43	6.03	25.2	22.3	14	17.12	7.59	367.26	- -	45.42	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	38.48	25.63	32.02	21.22	12.83	30.67	28.67	6.07	-13.38	1.85	4.47	-3.09	-19.3	-10.61	-26.17

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	12	10	8	7
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	12	10	8	7
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.44	1.84	-0.59	-1.25	-1.34
Net Debt/EBITDA	-4.23	-5.76	-2.96	-4.32	-5.26	-1.64	-1.38	-2.42	-4.68	-6.84	-3.28	-13.11	3.68	14.27	8.36
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.8	-2.36	-0.39	-0.61	-0.59
Net Debt/EBIT	-5.35	-6.9	-3.41	-5.06	-7.19	-1.9	-1.56	-5.14	-12.7	83.38	-5.94	16.81	2.43	6.97	3.68
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17,202	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19,406	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26,128	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	27.69	33.27	38.89	43.59	43.63	50.1	53.9	54.57	46.26	48.87	46.92	46.31	41.84	38.43	34.23
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36
Net Debt to Equity	-62.38	-73.42	-62.22	-68.11	-56.58	-35.19	-31.66	-19.49	-33.06	-30.39	-32.13	-34.35	-28.84	-47.3	-26.7
Net Debt/Capital (%)	219.16	225.26	449.43	422.93	1,599.21	-135.44	-87.68	-38.18	-101.46	-80.15	-79.14	-90.4	-70.41	-234.25	-67.12
EBITDA	16	15	29	25	19	44	57	20	17	11	26	7	-17	-7	-5
EBITDA-CapEx	14	13	20	23	18	43	55	18	14	8	18	4	-19	-12	-18
Operating Income (Loss)	13	12	25	21	14	38	50	10	6	-1	14	-5	-26	-14	-12

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	2.91	3.32	2.71	3.56	2.66	3.04	2.22	2.12	2.39	1.38	1.49	1.53	1.11	0.89	0.37
Current Ratio	4.77	4.76	4.48	5.32	4.36	4.56	3.29	3.05	3.45	2.65	2.84	2.75	2.1	1.79	1.27
Quick Ratio	4.26	4.25	3.75	4.49	3.44	3.72	2.75	2.66	3.12	2.31	2.4	2.39	1.79	1.52	0.98
CFO/Avg Current Liab	0.48	0.86	0.58	0.72	0.3	1.01	1.36	0.46	0.26	0.02	0.25	0.2	-0.03	-0.06	-0.1
Common Equity/Total Assets	27.69	33.27	38.89	43.59	43.63	50.1	53.9	54.57	46.26	48.87	46.92	46.31	41.84	38.43	34.23
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36
CFO/Total Liabilities	52.69	79.71	50.14	73.08	26.66	91.54	107.87	38.34	17.68	1.22	15.17	12.66	-2.24	-4.37	-8.25
CFO/CapEx	5.91	12.36	1.97	13.27	8.1	26.59	47.41	12.99	5.52	0.33	2.45	4.61	-1.25	-1.15	-0.86
Altman's Z-Score	8.57	9.61	7.6	9.21	7.69	17.8	10.59	7.26	5.96	5.93	6.28	6.6	5.34	3.97	3.9

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	3.67	4.14	6.3	5.2	5.53	6.89	8.13	5.82	4.56	3.92	4.15	3.6	3.76	3.6	3.63
Days Sales Outstanding	99.33	88.07	57.89	70.13	66.04	52.99	44.91	62.75	80.08	93.05	87.86	101.49	97.13	101.45	100.54
Inventory Turnover	2.73	3.24	4.48	3.14	2.49	2.55	3.59	3.24	3.99	4.9	5	4.11	6.11	6.29	5.61
Days Inventory Outstanding	133.83	112.5	81.38	116.3	146.62	143.14	101.58	112.61	91.47	74.53	72.98	88.81	59.79	58.04	65.1
Accounts Payable Turnover	3.52	5.04	8.07	7.57	8.79	9.86	8.69	6.6	6.26	8.76	10.09	7.37	9.91	5.64	4.65
Accounts Payable Turnover Days	103.57	72.38	45.24	48.23	41.53	37.01	42.01	55.32	58.3	41.68	36.16	49.5	36.84	64.66	78.53
Cash Conversion Cycle	129.59	128.2	94.04	138.2	171.13	159.13	104.49	120.03	113.25	125.91	124.68	140.8	120.07	94.83	87.11
Inventory to Cash Days	-34.49	-24.43	-23.49	-46.17	-80.58	-90.15	-56.67	-49.86	-11.39	18.53	14.89	12.67	37.34	43.41	35.44
Inventories	9	11	16	19	26	34	21	17	12	14	20	13	10	12	16
Raw Materials	6	- -	6	7	12	16	9	8	5	5	7	5	4	7	9
Work In Process	3	- -	10	12	13	18	11	9	7	9	12	8	7	5	7
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	244	310	243	315	307	1,105	687	547	563	531	689	826	685	438	407
- Cash & Cash Equivalents	68	86	84	106	99	72	79	49	79	77	84	88	63	96	42
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	12	10	8	7
Enterprise Value	176	224	159	208	208	967	563	403	405	432	590	723	597	348	372
Total Capital	37	48	66	81	92	126	168	179	156	172	191	186	153	137	106
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.02	0.02	0.02	0.02	0.02
EV/Sales	1.73	2.08	0.94	1.35	1.34	4.8	2.33	2.1	2.09	2.04	2.33	3.35	2.78	1.59	1.58
EV/EBITDA	11.01	15.1	5.56	8.45	11.11	21.86	9.92	19.78	24.11	38.5	22.94	107.23	- -	- -	- -
EV/EBIT	13.93	18.1	6.41	9.91	15.2	25.39	11.16	42	65.38	- -	41.6	- -	- -	- -	- -
EV/Cash Flow to Firm	13.73	10.64	9.56	9.44	20.79	23.24	8.19	14.19	22.97	352.26	32.35	48.47	- -	- -	- -
EV/Free Cash Flow to Firm	11.74	9.84	6.34	8.78	18.51	22.4	8.02	13.17	19.44	87.94	22.97	39.84	- -	- -	205.63
Diluted Market Cap	248	315	246	311	303	1,100	680	543	559	529	688	825	678	443	436
Diluted Enterprise Value	180	229	161	204	205	1,028	602	494	481	452	615	749	625	355	401
EV per Share	4.7	5.96	4.16	5.31	5.26	24.39	14.04	10.05	10.1	10.74	14.68	18.04	14.91	8.76	9.91
TTM Sales	102	108	168	154	155	202	241	192	193	211	253	216	214	219	235
TTM EBITDA	16	15	29	25	19	44	57	20	17	11	26	7	-17	-7	-5
TTM Operating Income	13	12	25	21	14	38	50	10	6	-1	14	-5	-26	-14	-12
TTM Cash Flow to Firm	13	21	17	22	10	42	69	28	18	1	18	15	-3	-6	-11
TTM Free Cash Flow to Firm	15	23	25	24	11	43	70	31	21	5	26	18	-1	-1	2

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	20.45	28.49	13.19	19.6	27.03	32.72	16.07	51.57	- -	173.29	87.24	- -	- -	- -	- -
Price/Earnings Average	22.04	25.07	18.96	20.57	28.23	16.95	21.14	60.5	-23.9	218.94	81.94	-151.75	-29.29	-35.15	-17.8
Price/Earnings High	32.4	30.26	29	26.23	31	34.6	31.93	70.98	-26.92	286.63	107.92	-234.56	-36.42	-47.42	-24.48
Price/Earnings Low	12.27	20.05	9.78	15.91	25.11	7.79	14.34	50.58	-19.64	158.08	63.15	-80.36	-20.54	-23.25	-10.4
Price/Book Value	6.63	6.51	3.7	3.87	3.32	8.77	4.09	3.06	3.61	3.08	3.84	4.75	4.78	3.4	4.12
Price/Book Value Average	7.14	5.73	5.32	4.06	3.47	4.54	5.38	3.6	3.45	3.89	3.6	4.77	6.32	3.9	5
Price/Book Value High	10.51	6.92	8.14	5.18	3.81	9.28	8.12	4.22	3.89	5.1	4.75	7.38	7.85	5.26	6.88
Price/Book Value Low	3.98	4.58	2.74	3.14	3.09	2.09	3.65	3.01	2.84	2.81	2.78	2.53	4.43	2.58	2.92
Price/Tangible Book Value	2.63	3.03	2.12	2.3	2.29	6.47	5.31	3.6	3.92	4.62	5.24	6.23	6.69	4.37	7.46
Price/Tangible Book Value Average	2.83	2.67	3.05	2.42	2.39	3.35	6.99	4.22	3.75	5.83	4.92	6.25	8.84	5	9.06
Price/Tangible Book Value High	4.16	3.22	4.66	3.08	2.63	6.84	10.56	4.95	4.23	7.63	6.48	9.67	10.99	6.75	12.47
Price/Tangible Book Value Low	1.58	2.13	1.57	1.87	2.13	1.54	4.74	3.53	3.08	4.21	3.79	3.31	6.2	3.31	5.3
Price/Sales	2.39	2.85	1.42	1.98	1.94	5.44	2.81	2.82	2.89	2.5	2.71	3.82	3.16	2.02	1.86
Price/Sales Average	2.57	2.51	2.05	2.08	2.03	2.82	3.69	3.31	2.77	3.15	2.54	3.84	4.18	2.32	2.26
Price/Sales High	3.78	3.03	3.13	2.66	2.23	5.75	5.57	3.88	3.12	4.13	3.35	5.93	5.19	3.13	3.1
Price/Sales Low	1.43	2.01	1.05	1.61	1.81	1.29	2.5	2.77	2.28	2.28	1.96	2.03	2.93	1.53	1.32
Price/Cash Flow	18.91	14.6	14.4	13.86	30.05	26.32	9.85	19.08	31.73	430.26	37.6	55.27	-247.06	-76.88	-40.66
Price/Cash Flow Average	20.38	12.85	20.7	14.54	31.39	13.64	12.96	22.38	30.37	543.6	35.32	55.47	-326.36	-88.1	-49.41
Price/Cash Flow High	29.96	15.51	31.66	18.55	34.47	27.84	19.56	26.27	34.21	711.68	46.52	85.75	-405.81	-118.85	-67.96
Price/Cash Flow Low	11.35	10.27	10.67	11.25	27.92	6.27	8.79	18.72	24.95	392.48	27.22	29.38	-228.88	-58.27	-28.87
Price/Free Cash Flow	16.51	13.81	9.82	13.09	26.94	25.47	9.68	17.74	26.86	107.72	26.76	45.42	-1,253.59	-603.24	241.42
Price/Free Cash Flow Average	17.79	12.15	14.11	13.74	28.15	13.2	12.74	20.82	25.71	136.09	25.13	45.59	-1,655.93	-691.21	293.38
Price/Free Cash Flow High	26.16	14.67	21.57	17.53	30.91	26.94	19.24	24.43	28.96	178.17	33.1	70.47	-2,059.05	-932.48	403.49
Price/Free Cash Flow Low	9.9	9.72	7.27	10.63	25.03	6.06	8.64	17.41	21.12	98.26	19.37	24.15	-1,161.33	-457.21	171.4
EV/Sales	1.73	2.08	0.94	1.35	1.34	4.8	2.33	2.1	2.09	2.04	2.33	3.35	2.78	1.59	1.58
EV/Sales Average	1.92	1.73	1.58	1.45	1.43	2.48	3.42	3.08	2.38	2.81	2.26	3.49	3.97	1.89	1.95
EV/Sales High	3.13	2.25	2.68	2.04	1.64	5.44	5.32	3.66	2.73	3.8	3.07	5.59	5	2.69	2.74
EV/Sales Low	0.77	1.23	0.57	0.97	1.2	0.95	2.21	2.54	1.88	1.93	1.68	1.68	2.71	1.12	1.08
EV/EBITDA	11.01	15.1	5.56	8.45	11.11	21.86	9.92	19.78	24.11	38.5	22.94	107.23	- -	- -	- -
EV/EBITDA Average	12.2	12.59	9.28	9.08	11.85	11.3	14.53	29.09	27.42	53.01	22.3	111.67	-49.49	-61.49	-90.43
EV/EBITDA High	19.92	16.4	15.76	12.77	13.52	24.76	22.65	34.55	31.48	71.51	30.27	178.75	-62.3	-87.49	-127
EV/EBITDA Low	4.92	8.92	3.35	6.05	9.95	4.31	9.41	23.93	21.69	36.37	16.54	53.84	-33.79	-36.26	-49.91
EV/EBIT	13.93	18.1	6.41	9.91	15.2	25.39	11.16	42	65.38	- -	41.6	- -	- -	- -	- -
EV/EBIT Average	15.42	15.09	10.71	10.65	16.2	13.12	16.35	61.75	74.37	-646.34	40.45	-143.25	-32.59	-30.01	-39.75
EV/EBIT High	25.19	19.65	18.18	14.98	18.5	28.76	25.48	73.35	85.37	-871.97	54.9	-229.31	-41.01	-42.71	-55.82
EV/EBIT Low	6.22	10.69	3.87	7.09	13.61	5	10.59	50.79	58.83	-443.48	29.99	-69.06	-22.24	-17.7	-21.94
Last Price	6.5	8.23	6.37	8.03	7.75	27.85	17.12	13.65	14.05	13.21	17.13	20.6	17.12	11.03	10.86
High Price	10.3	8.74	14	10.75	8.89	29.45	34.01	18.79	15.15	21.85	21.19	31.96	28.12	17.05	18.15
Low Price	3.9	5.79	4.72	6.52	7.2	6.63	15.28	13.39	11.05	12.05	12.4	10.95	15.86	8.36	7.71
Enterprise Value	176	224	159	208	208	967	563	403	405	432	590	723	597	348	372
Enterprise Value Average	195	187	265	224	222	500	825	593	461	595	574	753	851	414	459
Enterprise Value High	319	243	450	315	254	1,096	1,286	704	529	802	779	1,206	1,072	590	645
Enterprise Value Low	79	132	96	149	187	191	534	488	364	408	426	363	581	244	254

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	37	38	38	39	40	40	40	40	40	40	40	40	40	40	38
Diluted Weighted Avg Shares	38	38	39	39	39	39	40	40	40	40	40	40	40	40	40
Basic Weighted Avg Shares	37	37	38	38	39	39	40	40	40	40	40	40	40	40	40
Revenue per Share	2.73	2.89	4.48	4.05	3.99	5.12	6.1	4.84	4.86	5.29	6.33	5.39	5.41	5.46	5.85
EBITDA per Share	0.43	0.4	0.76	0.65	0.48	1.12	1.43	0.51	0.42	0.28	0.64	0.17	-0.43	-0.17	-0.13
Operating Income per Share	0.34	0.33	0.66	0.55	0.35	0.97	1.28	0.24	0.16	-0.02	0.35	-0.13	-0.66	-0.34	-0.29
Basic EPS, GAAP	0.32	0.29	0.48	0.41	0.29	0.85	1.07	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74
Basic EPS from Cont Ops	0.32	0.29	0.65	0.43	0.28	0.83	1.07	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74
Diluted EPS, GAAP	0.31	0.28	0.47	0.4	0.28	0.85	1.06	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74
Diluted EPS from Cont Ops	0.31	0.28	0.63	0.42	0.28	0.83	1.06	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.34	0.56	0.44	0.58	0.26	1.06	1.74	0.72	0.44	0.03	0.46	0.37	-0.07	-0.14	-0.27
Free Cash Flow per Basic Share	0.29	0.52	0.22	0.54	0.23	1.02	1.7	0.66	0.36	-0.06	0.27	0.29	-0.12	-0.27	-0.58
Cash & Equivalents per Share	1.8	2.27	2.21	2.72	2.49	3.46	3.08	3.6	3.95	2.47	2.73	2.87	2.46	2.48	1.13
Book Value per Share	0.98	1.26	1.72	2.07	2.33	3.18	4.19	4.45	3.9	4.29	4.46	4.33	3.58	3.24	2.64
Tangible Book Value per Share	2.47	2.71	3.01	3.49	3.38	4.31	3.22	3.8	3.59	2.86	3.27	3.31	2.56	2.53	1.46

OneSpan Inc.

OSPN US

13.02